Vitalik Buterin Interview #6 – What Is The Difference Between Ethereum Vs. NXT Or Any Alt Coin?

Tai: What’s up guys! This is Tai Zen again with PrisonOrFreedom.com, it’s a blog where we the tools, the techniques, the strategies and technologies that are available to help people find freedom in their lives. With us here today is James D’Angelo from World Bitcoin Network, we also have Vitalik with the Ethereum project and these are some of the guys that are in the forefront of helping people find freedom when it comes to the currency world.

Tai: How old are you Vitalik?
Vitalik: I just turned 20 a month ago.
Tai: Ok, good job. Is it Vai-tah-lik or is it Vee-tah-leek?
Vitalik: It’s Vai-tah-lik
Tai: And the last name is Buterin? OK

Tai: When you look at the theorem versus the other altcoin that’s on the market let’s take NXT for example, now full disclosure I helped on the marketing with NXT so what makes Ethereum different. Because from a non-technical perspective, the things that you talk about, they talk about the exact same thing in NXT. What’s the difference?

Vitalik: I would say the difference is that from what I’ve seen of NXT, NXT implements a lot of those features explicitly they have transaction types for all these different things whereas with Ethereum we have this programming language and you can just write all those features in the programming language so it seems like there’s no difference between the two paradigms now because I was sure we also we all support all these decentralized exchange financial derivatives

If somebody comes up with some with something completely new that no one’s ever thought of, then you can stop if you have a blockchain design that’s just based on having specific transaction types then it’s not going to fit in whereas here you just write it in the programming language.

Tai: So you say that one’s a scripting language the other one has a bunch of features right? What is to prevent the developers of NXT to create a scripting language on top of it. Well then wouldn’t that be the same as the Ethereum except there they’re a couple of months in advance.

James: It’s a little like trying to turn a tank into an aeroplane just because it has a motor, but you have to really rebuild it all back up.

Vitalik: You can’t really build the scripting language on top because for it to actually work the scripting language it actually has to have the power to send transaction, so it has to be at the foundation. Oddly enough I was looking through some of the NXT specs and they have Turing-complete scripting language as one of their wish lists features so good luck to you guys on that.

Tai: I come from a neutral perspective I just want the cryptocurrency world to succeed, it does not really matter to me if it’s Ethereum or if it’s NXT you know so I’m neutral in that aspect, I know that there are some coders that might lean towards one side or lean towards other altcoin but for me personally as a non-technical person that just wants to see it succeed, I just throw that out there like not as an attack on NXT not as an attack on a theorem but more of a curiosity question – what’s to prevent this altcoin from developing the same benefits that Ethereum has.

Vitalik: Absolutely nothing, I would say we’re even handicapping ourselves just because everything we do is a completely open source if you’re investing in Ethereum I would say you’re investing in the team and the community to an extent.

Tai: The other thing too is that what prompted you to do this by itself like this script language is Turing complete script you know why didn’t you use your talents and your knowledge and your experience and pick out one of the altcoins that’s there?

Vitalik: I actually was working with a master coin before Ethereum and I was working on implementing savings wallets and contracts for difference and at that point, I came up with the idea. Let’s generalize it and the logical way to generalize things is with a programming language and I actually submitted the proposal J.R said that “that’s something that’s not going to be in our timeline for at least a few months” and yeah basically I said okay.

Tai: You said you just had to leave that project and go build it from scratch yourself.

Vitalik: J.R actually has a post on the Mastercoin blog a few weeks ago where he talks about that essentially like he prefers Mastercoin to be more a sort of moderate, less innovative of work but more stable sort of thing, in between Bitcoin and Ethereum.

Tai: Okay, that’s all the questions I got about Ethereum.

James: I think it’s really exciting and I think like you said I think the team it’s really impressive as well so

Tai: I have to say this, based on my research on all the altcoins, I think that you have the most solid and organized development team because I think that one of the advantages you guys have is that you’re putting a face out there so that people know who you are who Charles is who everybody else is right so that’s that’s one of the advantages I think that you guys have over a lot of the other currencies

James: And I think people get it I think people see the difference and I think that’s why they’re joining right? it pretty much started with just him and them came to it and got some great talent coming to him

Tai: Thanks for spending time with James D’Angelo from World Bitcoin Network and myself. We wish you great luck!

James: Thanks Tai for bringing it together.

Tai: Alright, thanks for joining us, what I’ll do is I’ll get Vitalik’s Bitcoin address and leave it at the bottom of the video and James D’Angelo’s also, if you guys appreciate their work, I invite you guys to support them, send donation their way and Leone as well, our cameraman. Send them the coffee donation or soda donation, I’m pretty sure you drink a lot of soda when you’re programming.

Vitalik: Uhm no, green tea, please.

Tai: Ok, there you go, send some green tea. I’ll see you guys in the next video.

 

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